Research On Coordination Mechanism Of Return And Risk Of Project Investment

Project investment is an important form of real investment with enormous investment, long investment cycle and high risk. It is one of core tasks of project investor's decision to weigh the return and risk of project investment.Project investment system consists of investment project, investment subject and other stakeholders, investment environment, and they interact among investment system essentials. It is necessary for investor to keep project stakeholders in harmony with each other and to keep investment project in harmony with investment environment to ensure achieving success. Constructing coordination mechanism of project investment's return and risk is to develop a process or mode for interacting among all essentials, which makes the essentials cooperate in harmony, reduces project risk to minimum, ensures realization of project investment return.The main works of this dissertation are as follows:From the perspective of the whole investment process, this dissertation analyses the mechanisms that of investment return and risk produced in the phase of decision, construction, operation and liquidation, demonstrates the significance of constructing coordination mechanism, brings forward the content and methods of every phase, predigests the investment cooperation model after analyzing the information flow between investment entities, and the advantage and disadvantage of the information, finds the method to deal with information asymmetry and the conditions to supervise effectively based on game theory.From the perspective of investment decision, the dissertation sees about the influences for investment decision, which are caused by non-rational manifestation and individual factors of investor. Based on analysis of information-decision relationship and the information processing procedure of project, it brings forward the decision method to improve consistency of investor's subjective cognition and objective risk, reduce non-rational factors. It also puts forward the process to adopt team decision based on analysis of applicable conditions and merits and demerits of team decision. From the perspective of investment risk management, it analyse the relationship among project investment management, information management and risk management, puts forward system model and management model of risk management, furthermore, discusses the input and output of project risk management, analyzes the structure of input and output of risk management activities, puts forward the method to measure them and the idea to optimize risk management activities.From the perspective of investment subject, the dissertation analyses the objective factors, which may affect the return and the risk of investment project. It also analyses the return and risk about the government investment project and the non-government investment project, demonstrates the possibility of harmonizing the return and the risk bases on multi-investor. Furthermore, it brings forward risk sharing model, offers a set of solution for distributing risk return, choosing appropriate risk undertaker, setting and effect analyzing of incentive conditions for risk undertaker.From the perspective of investment practice, dozens of decision-makers and managers are investigated by questionnaire. The questionnaire is divided into ten aspects, which are managers' individual information, manager's company information, manager's occupation information, manager's risk attitude, manager's opinion about investment project risk, how to deal with decision information, the idea of decision risk and responsibility, the attitude about government capital, the method to strengthen information communication with other participators. The dissertation statistical analysis all samples, comparatively analysis the samples that are counted by position, sex, age stage,and education level, and then presents the conclusion.